Easing the pressure

Greece remains on its feet in spite of a brutal six-year recession, an unprecedented unemployment rate and exorbitant taxes. It has not collapsed despite pressure from eurozone hawks that wanted to kick the debt-hit nation out of the common currency area, the self-serving champions of the drachma, and the efforts of local fanatics who are pushing the country toward chaos and violence.

The ongoing investigation into Golden Dawn has exposed the risks for a country that has for the past three years found itself on the edge of the cliff.

In light of this, it would be very unfair – and pointless – if Greece were to be pushed over the precipice by its international lenders. The European Union and the International Monetary Fund must think twice before demanding fresh cuts or taxes. Despite resistance from the big interests, there is room for growth-inducing structural reforms and measures to bring prices down. But there is no absolutely no room for fresh taxes or wage and pension cuts.

Greece’s lenders must stop their posturing or they will be held accountable for the messy consequences.

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